Japan's Kenwood Corp. and asset manager Sparx Group said they would buy about 30 per cent of Victor Co. of Japan Ltd. (JVC) for $291-million (U.S.), taking money-losing JVC off the consolidated accounts of Matsushita Electric Industrial Co. Ltd. JVC also cut its earnings outlook for the year to March, 2008, prompting Matsushita to reduce its own outlook by 4.6 per cent. The stake sale deal, calling for the issuance of new JVC shares, is a first step toward consolidation among Japanese electronics companies, many of which are struggling to keep up with overseas rivals like South Korea's Samsung Electronics Co. 6765 (Tokyo) rose ¥1 to ¥178 ($1.53 Canadian). 6792 (Tokyo) rose ¥20 to ¥381. 6752 rose ¥30 to ¥2,370.
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